Pharma BD Deal Intelligence
BMS licensed Dragonfly's IL-12 asset DF6002 for $475M, but by February 2023 BMS handed all rights back to Dragonfly, which kept the upfront—ending the deal's headline program while a broader six-candidate TriNKET collaboration continued in parallel.
Bristol Myers deepens ties with Dragonfly Therapeutics aiming for immunotherapy boost with IL-12 and TriNKET combination approaches
Bristol Myers Squibb pens $475M Dragonfly pact for IL-12 program including extended half-life cytokine DF6002 for solid tumor treatment
Dragonfly announced it now owns all rights to develop DF6002, its IL-12 cytokine immunotherapy (Phase 1, monotherapy and with nivolumab); rights reverted from…
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BMS licensed Dragonfly's IL-12 program (DF6002/BMS-986415) for $475M upfront and expanded its TriNKET NK-cell-engager collaboration. In Feb 2023, BMS returned all rights to the IL-12 asset DF6002 (then in Phase 1) to Dragonfly, ending the headline component of this deal; the upfront was retained by Dragonfly. The broader BMS-Dragonfly TriNKET relationship continued, with BMS holding six licensed TriNKET candidates (two in clinic) and a separate Jan 2023 neuroinflammation TriNKET license.
1.9M US cases/yr · $200.0B Global Oncology (2024)
BMS licensed Dragonfly's IL-12 and TriNKET (Tri-specific NK cell Engager) molecules for tumor-localized immune activation.
NK engagement emerging alongside T-cell bispecifics. IL-12 historically limited by toxicity; tumor-targeted delivery is key.
BMS licensed IL-12 program (DF6002) and expanded TriNKET NK cell engager collaboration.
BMS returned all rights to the licensed IL-12 asset DF6002/BMS-986415 (then in Phase 1, monotherapy and with nivolumab) to Dragonfly. The $475M upfront was retained; the broader TriNKET collaboration continued.
DF6002/BMS-986415 (IL-12 cytokine) in clinical trials. TriNKET platform generating multiple candidates.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / Dragonfly Therapeutics Inc. (this deal) | 2020 | $475M | 55 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
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